What Is The Current and Historic Market Size Analysis Of The Applicant Tracking System Market?
The applicant tracking system market has seen considerable growth due to a variety of factors.
• The growth of the applicant tracking system market has been robust over recent years, with its size forecasted to increase from $2.79 billion in 2024 to $2.99 billion in 2025. This represents a compound annual growth rate (CAGR) of 7.2%.
The significant growth in the preceding period was triggered by factors such as automated recruitment processes, compliance mandates, the centralization of candidate databases, and scalability.
What Is The Forecast For The Applicant Tracking System Market Size?
The applicant tracking system market is expected to maintain its strong growth trajectory in upcoming years.
• A rapid surge is predicted in the applicant tracking system market size in the upcoming years. By 2029, it is estimated to reach $4.04 billion, boasting a compound annual growth rate (CAGR) of 7.8%.
The growth during the forecast period can be credited to its integration with HR software, adoption of mobile recruiting solutions, concentration on diversity and inclusion, improved candidate experience, and focus on data security and compliance. Significant trends anticipated in the forecast span include AI and machine learning, improved candidate experience, features catering to diversity and inclusion, predictive analytics for recruitment, and the inclusion in the HR software ecosystem.
What Are The Essential Drivers Behind The Growth Of The Applicant Tracking System Market?
The applicant tracking system market is expected to expand due to the increasing number of job applicants. Job applicants are those individuals who submit their applications, usually resumes, in order to be considered for work opportunities within a company or organization. These tracking systems can assist applicants by facilitating the application process, reducing application time, and enhancing communication with recruiters. The United States Job Openings report, released by Trading economics in August 2024, recorded a growth of 329,000 job openings to a total of 8.040 million in comparison to a revised 7.711 million in the previous month. This was above the market's anticipated figure of 7.655 million. Increased job openings were witnessed in construction, with an additional increase of 138,000, and within the state and local government (excluding the education sector), that saw a growth of 78,000. Therefore, the surging number of job applicants is fueling the applicant tracking system market's growth. Market Driver for Applicant Tracking System - Impact of Social Media on the Applicant Tracking System Market Growth
How Is The Global Applicant Tracking System Market Divided Into Key Segments?
The applicant tracking system market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Vertical: Banking Financial Services And Insurance (BFSI), Government, Manufacturing, Telecom And Information Technology (IT), Consumer Goods And Retail, Healthcare And Lifesciences, Energy And Utilities, Transportation And Logistics, Other Verticals
Subsegments:
1) By Software: Cloud-Based ATS, On-Premises ATS, Mobile ATS Solutions
2) By Services: Implementation Services, Consulting Services, Training And Support Services
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How Are Emerging Trends Reshaping The Dynamics Of The Applicant Tracking System Market?
The leading corporations within the applicant tracking system marketplace are integrating innovative technologies such as AI-enhanced application systems to optimize the application procedure and make it more effective and user-centric. The AI-based applicant tracking system is devised to make hiring more efficient and re-imagining talent procurement by utilizing the power of artificial intelligence. For example, in August 2023, a US firm specializing in software development called Centric Group Inc., rolled out Safaa ATS, an AI-based applicant tracking system. This system delivers distinctive features including AI-guided shortlisting, a branded job portal, access via the cloud, an integrated intranet, adjustable workflows, and state-of-the-art functionalities to make recruitment seamless and reshape talent sourcing. These capabilities aim to make the hiring process straightforward, boost efficiency, and enhance the experience of potential candidates.
Who Are the Key Players In The Applicant Tracking System Market?
Major companies operating in the applicant tracking system market report are:
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Automatic Data Processing Inc.
• Workday Inc.
• Ultimate Kronos Group
• Paycor HCM Inc.
• Bullhorn Inc.
• Cornerstone OnDemand Inc.
• iCIMS Inc.
• PeopleFluent Inc.
• Ceipal Corporation
• Workable Technology Limited
• BambooHR
• SmartRecruiters Inc.
• Jobvite Inc.
• Lever
• Trakstar Hire
• Bullhorn Inc.
• ADR Inc.
• Silkroad Technology Inc.
• Greenhouse Software Inc.
• ClearCompany Inc.
• Hireku Inc.
• Symphony Talent LLC
• TalentNest
• ATS OnDemand
What Are The Regional Insights Into The Applicant Tracking System Market?
North America was the largest region in the applicant tracking system market in 2024. The regions covered in the applicant tracking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
